DOHA: Gulf International Services (GIS) announced its financials for the first quarter ended March 31, 2015 (Q1, 2015) and reported the highest quarterly revenue on record of QR1.2bn, a nearly 100 percent increase compared to about QR600m reported for the same quarter last year.
The net profit of GIS for Q1, 2015 closed at QR400m, a significant year-on-year increase of QR200m, or 88.6 percent.
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However, when compared to the previous quarter (Q4, 2014), the group’s revenue was up marginally by QR15.7m, or 1.3 percent, as the operations of Q1, 2015 remained almost identical to that of Q4, 2014 The GIS is the largest services group in Qatar with interests in a broad cross-section of industries, ranging from insurance, re-insurance, fund management, onshore and offshore drilling, accommodation barge, helicopter transportation, and catering services.
In a statement GIS attributed this year-on-year improvement in performance to the company’s ambitious growth plans across all segments, especially in the drilling and catering segments.
“The remarkable increase in revenue was driven by growth across all the business segments following group’s aggressive business strategy within the last few years,” said the statement.
